"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people."How did that work out ?
Tuesday, January 1, 2008
Andrew Mellon
Former Secretary of Treasury, on the eve of the Great Depression (1929):
